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Wednesday, September 22, 2010

Debt Free America Act

Pennsylvania Democrat, Chaka Fattah, has introduced legislation we should all be looking at:

H.R. 4646: 2/23/2010--Introduced.Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax. Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument.... Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Directs the Secretary of the Treasury to: (1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and (2) study and report to Congress on the implementation of this Act. (Emphasis added.)

I predict H.R. 4646 will make a lot of people suddenly love our current income tax system.

Posted by Marie at September 22, 2010 8:10 PM

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